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Bitcoin Drops Below $110,000, Triggering Declines in mNAV of Crypto Treasury Firms

Sep 26, 2025 03:22 (400d ago)

Data from Strategic ETH Reserve reveals that SharpLink, The Ether Machine, and ETHZilla have seen their mNAV ratios drop below 1, indicating a shift from an accretive to a dilutive cycle due to declining ETH prices. The firms hold a combined total of 1.4 million ETH, and the mNAV ratios are now 0.99, 0.07, and 0.88, respectively.